Why Is the Market Up Today?
The total market cap has been stuck within a symmetrical triangle for the past four weeks and is currently around the $2.2 trillion mark. A symmetrical triangle is a chart pattern formed by two converging trendlines that connect a series of peaks and troughs, indicating indecision in the market before a breakout.
Should this breakout occur, TOTAL could breach through $2.3 trillion to potentially initiate further recovery. However, if the total market cap breaks down, it could slip to $2.11 trillion, as this level is the next crucial support floor. Bitcoin’s price trading at $61,900 at the time of writing, has been in a macro uptrend since the beginning of the month. It has been struggling to close above the crucial support of $62,000. Reclaiming this is important as this would enable a rise to $63,000 and beyond.
If the uptrend continues and investors remain optimistic, a bullish outcome for BTC is likely. Breaching past the resistance at $63,700 will also lead to a rise to $65,000. FLOKI’s price rallying is both a surprise as well as a predicted scenario. This is because the recent market conditions have been signalling a potential return of the meme coin frezy. However, FLOKI has not been the focus of investors amidst meme tokens like PEPE, BOME, WIF, etc. The altcoin rose by more than 7.5% in the past day, bringing the price to $0.000203. FLOKI already closed above the support of $0.000185. Any further rally could push it towards the resistance at $0.000218, as the price is already at a two-month high.
